ACCOUNTING 4401-Xavier Company is going through a Chapter 7 bankruptcy.

by | Mar 18, 2020 | Uncategorized

  
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,200 in free cash. The following debts, totaling $43,050, remain:

Government claims to unpaid taxes $ 7,000
Salary during last month owed to Mr. Key (not an officer) 18,825
Administrative expenses 3,450
Salary during last month owed to Ms. Rankin (not an officer) 6,225
Unsecured accounts payable 7,550

Indicate how much money will be paid to the creditor associated with each debt.

Administrative Expenses = 3,450

Government Claims to unpaid taxes=?

salary during last month owed to Mr. Key and Ms. Rankin=?
  

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